Turns out, people will pay extra to listen to their music without have a ‘morning zoo’ DJ inflicted upon them; Sirius XM Canada Holdings Inc. (
TSX:XSR,
Forum) has moved into profitability in its fiscal third quarter with record revenue.
The company notched
$83.1 million in revenue for the quarter, an increase of 9.4% over the $76 million accrued the quarter before, and the best quarter to date.
Sirius XM Canada Inc., the parent company of T.XSR, showed net income of $7.96 million in the three months ended May 31, an abrupt improvement from the $4.73 million net loss from a year earlier.
Revenue improved to $83.1 million from just under $76 million, which the company described as a record.
Sirius, which offers satellite radio service to people who want 120 channels of choice with limited advertising, said their 2.6 million person subscriber base grew, as did the average revenue per user, which was up 4.4 % year over year.
The company also announced a
$0.105 per share dividend for shareholders, to be paid quarterly.
Despite the good news, XSR shares continue to run cheaper in the market, with today’s $5.23 price much closer to the 52-week low of $5.01 than the high of $7.99, back in August of 2014.